With Indian stocks and other key markets including the MCX closed on the auspicious occasion of Guru Nanak Singh Jayanti, Asian markets are trading mostly in the green. Positive momentum remains as Federal Reserve Chairman Jerome Powell said in Dallas that the better-than-expected US economic situation is giving policymakers more leeway in making decisions about interest rate cuts.
“The strength we’re seeing right now in the economy gives us the ability to approach our decisions carefully,” Powell added.
The economy is not sending any signs that we need to rush to lower rates,” Powell said in Dallas.
MSCI Asia’s benchmark index for Japan traded up 0.29 percent at 575.96.
Here’s how key Asian indices performed in the final count of Friday’s session:
Japan’s Nikkei rose 0.81 percent to 38,846
Hong Kong’s Hang Seng rose 0.5 cent to 19,526
South Korea’s KOSPI rose 0.24 cent
Singapore’s Straits Times rose 0.17 percent
The Jakarta Composite fell 1 percent
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were lower, while Hong Kong’s Hang Seng index traded slightly higher after a mixed set of economic prints from the country.
China’s industrial production rose below expectations in October as did fixed asset investment. There has also been a noticeable uptick in property prices highlighting the pressure there. China’s markets are set to record declines this week as recent signs of stimulus have disappointed investors.
Also, there are still fears of a trade war with the US under Trump’s leadership which is causing another sense of caution.
Nasdaq futures fell 0.5 percent reflecting a weak start for the index as the US market resumed trading.
Indian markets in the previous day’s trading remained on their weak track and continued to lose for the sixth consecutive session on Friday ending below 23,550 levels. For the week, the indices ended around 3 percent lower in both Nifty and Sensex, with PSU Banking pack leading the losses.
Also Read: How have Indian stocks performed this week?
